As first time buyers struggle to afford their own homes, more turn to Shared Ownership as a way to get a stake in a property. These types of deals are up 130% in the past six years. Shared Ownerships work by you buying between 25 and 75% of the property price, then paying rent on the rest, which is owned by a local housing association. The schemes however, come with both upsides and financial downsides.

Key Takeaways:

• First-time buyers struggling to find the funds for a deposit to buy a home of their own are increasingly turning to Shared Ownership as a way to get onto the property ladder.
• “For many, the prospect of buying a home outright is still a pipe dream as house prices have risen by around £60,000 since 2011, meaning that a home in the UK now costs an average of £217,000 – or nearly £500,000 if you’re looking to buy in London,”
• If you are thinking about buying a home via a Shared Ownership scheme, you need to ensure you can afford the rent – as well as all the associated costs.

“First-time buyers struggling to find the funds for a deposit to buy a home of their own are increasingly turning to Shared Ownership as a way to get onto the property ladder.”

http://www.mirror.co.uk/money/shared-ownership-explained-cheap-way-9768535